The Obama home loan modification program has various assistance option for homeowners who are in need of a more affordable home loan payment. Homeowners have been struggling through such factors as a loss in their home’s value, unemployment, or trouble obtaining a modification that would make their mortgage payment more affordable due to a second lien on their home.
However, the Obama Making Home Affordable Program has plans to help homeowners who are struggling in these areas. Traditional modifications are still being offered from many of the nation’s top lenders and a recent congressional hearing gave representatives from these financial institutions a chance to talk about their success, troubles, and their hopes for what they can accomplish in the future when it comes to assisting homeowners who need a more affordable mortgage.
Also, many lenders are instituting foreclosure prevention options that can help those who are struggling to a point where they can no longer afford to live in their home even with mortgage assistance. Options like short sale plans and deed in lieu of foreclosure programs have been helping homeowners escape foreclosure even when they face losing their home.
Underwater mortgages have been causing trouble as well, so the Obama administration and various other lending institutions have enacted both federal and lender-specific programs to deal with these troubles. Principal reductions, as well as, underwater refinancing opportunities for certain homeowners may be an option depending upon one’s mortgage lender.
Homeowners who are having trouble making their mortgage payment and are seeking some form of mortgage assistance have been advised, over the past months, to talk with their lender or consult the Making Home Affordable website for more information and tools for homeowners who are in need of a modification or help from one of the other mortgage aid plans from the Making Home Affordable Program.